N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3361

Fidelity Massachusetts Municipal Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

Date of reporting period:

April 30, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Massachusetts Municipal Money Market Fund

April 30, 2007

1.800343.103

MFS-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 95.8%

Principal Amount

Value

Massachusetts - 90.1%

Bedford BAN 4.5% 7/27/07

$ 20,000,000

$ 20,033,031

Boston Participating VRDN:

Series PZ 225, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,185,000

8,185,000

Series PZ 226, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,070,000

6,070,000

Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 3.97%, LOC Bank of America NA, VRDN (b)(c)

3,360,000

3,360,000

Boston Wtr. & Swr. Commission Rev. Participating VRDN:

Series MS 00 434, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,530,000

5,530,000

Series SG 75, 3.94% (Liquidity Facility Societe Generale) (b)(d)

13,480,000

13,480,000

Dudley Charlton Reg'l. School District Participating VRDN Series PA 521, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,675,000

5,675,000

Haverhill BAN:

4.25% 3/28/08

3,860,000

3,881,969

4.5% 11/9/07

4,169,589

4,186,132

Hull Gen. Oblig. BAN Series A, 4.5% 7/13/07

3,299,379

3,303,442

Massachusetts Participating VRDN:

Series Clipper 06 11, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d)

53,900,000

53,900,000

Series Clipper 07 06, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

47,850,000

47,850,000

Series Clipper 07 18, 3.97% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

50,000,000

50,000,000

Massachusetts Bay Trans. Auth. Participating VRDN:

Series EGL 04 24, Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

10,070,000

10,070,000

Series EGL 99 2101, 3.98% (Liquidity Facility Citibank NA) (b)(d)

12,600,000

12,600,000

Series LB 06 P51U, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

11,360,000

11,360,000

Series Merlots 00 H, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

24,930,000

24,930,000

Series PA 675, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,670,000

4,670,000

Series PT 3619, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

9,985,000

9,985,000

Series PT 3827, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

5,775,000

5,775,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Bay Trans. Auth. Participating VRDN: - continued

Series Putters 1062, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

$ 12,315,000

$ 12,315,000

Series ROC II R6522, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

10,405,000

10,405,000

Series TOC 04 D, 3.96% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

26,670,000

26,670,000

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN:

Series Covers 06 02, 3.94% (Liquidity Facility Bank of New York, New York) (b)(d)

10,700,000

10,700,000

Series DB 163, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

5,525,000

5,525,000

Series DB 183, 3.94% (Liquidity Facility Deutsche Bank AG) (b)(d)

8,480,000

8,480,000

Series MACN 05 E, 3.95% (Liquidity Facility Bank of America NA) (b)(d)

7,600,000

7,600,000

Series Merlots 06 B35, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

48,400,000

48,400,000

Series MS 01 723, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

34,210,000

34,210,000

Series MS 1195, 3.96% (Liquidity Facility Morgan Stanley) (b)(d)

9,905,500

9,905,500

Series PT 1580, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,000,000

10,000,000

Series PT 2459, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

37,595,000

37,595,000

Series PT 2581, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

13,605,000

13,605,000

Series PT 2625, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

15,990,000

15,990,000

Series PT 3585, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

25,060,000

25,060,000

Series PT 3603, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

16,390,000

16,390,000

Series Putters 1387, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

6,590,000

6,590,000

Series Putters 733T, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

10,095,000

10,095,000

Series ROC II R1034, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,995,000

7,995,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts College Bldg. Auth. Proj. Rev. Participating VRDN Series Merlots 00 B11, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

$ 8,100,000

$ 8,100,000

Massachusetts Dev. Fin. Agcy. Assisted Living Facility Rev. (Whalers Cove Proj.) Series 2001 A, 3.99%, LOC Wachovia Bank NA, VRDN (b)(c)

3,250,000

3,250,000

Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 3.72% tender 7/17/07, CP mode (c)

20,400,000

20,400,000

Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.:

(Charm Sciences, Inc. Proj.) Series 1999 A, 3.97%, LOC Bank of America NA, VRDN (b)(c)

3,200,000

3,200,000

(Monkiewicz Realty Trust Proj.) 3.97%, LOC Bank of America NA, VRDN (b)(c)

5,060,000

5,060,000

Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.:

(Archstone Reading Apartments Proj.) Series A, 4%, LOC PNC Bank NA, Pittsburgh, VRDN (b)(c)

24,840,000

24,840,000

(Avalon Acton Apartments Proj.) 3.95%, LOC Fannie Mae, VRDN (b)(c)

20,000,000

20,000,000

(Casco Crossing Proj.) 4.01%, LOC Fannie Mae, VRDN (b)(c)

13,000,000

13,000,000

(Georgetown Village Apts. Proj.) 4.01%, LOC Fannie Mae, VRDN (b)(c)

9,750,000

9,750,000

(Salem Heights Apts. Proj.) Series A, 3.92%, LOC Fed. Home Ln. Bank of Boston, VRDN (b)(c)

17,000,000

17,000,000

Series A, 4.03%, LOC Bayerische Landesbank (UNGTD), VRDN (b)(c)

23,000,000

23,000,000

Massachusetts Dev. Fin. Agcy. Resource Recovery Rev. (Waste Mgmt., Inc. Proj.) Series 1999, 4.01%, LOC SunTrust Banks, Inc., VRDN (b)(c)

4,500,000

4,500,000

Massachusetts Dev. Fin. Agcy. Rev.:

Participating VRDN:

Series EGL 7053024 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

20,835,000

20,835,000

Series LB 05 K10, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

3,500,000

3,500,000

Series MACN 05 J, 3.95% (Liquidity Facility Bank of America NA) (b)(d)

17,195,000

17,195,000

Series MACN 06 P, 3.96% (Liquidity Facility Bank of America NA) (b)(d)

8,760,000

8,760,000

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 3.97%, LOC PNC Bank NA, Pittsburgh, VRDN (b)

6,705,000

6,705,000

(Beaver Country Day School Proj.) 3.92%, LOC Allied Irish Banks PLC, VRDN (b)

7,700,000

7,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Boston Renaissance Charter School Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

$ 13,090,000

$ 13,090,000

(Brooksby Village, Inc. Proj.) 3.95%, LOC LaSalle Bank NA, VRDN (b)

15,000,000

15,000,000

(Dean College Issue Prog.) 3.92%, LOC Citizens Bank of Massachusetts, VRDN (b)

3,910,000

3,910,000

(Eaglebrook School Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

3,775,000

3,775,000

(Edgewood Retirement Proj.) Series A, 4.02%, LOC Lloyds TSB Bank PLC, VRDN (b)

10,745,000

10,745,000

(Judge Rotenburg Ctr. Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

180,000

180,000

(Neighborhood House Charter Proj.) Series A, 3.92%, LOC Bank of America NA, VRDN (b)

7,100,000

7,100,000

(Newton Country Day School Proj.):

3.92%, LOC Bank of America NA, VRDN (b)

7,535,000

7,535,000

3.92%, LOC Bank of America NA, VRDN (b)

10,280,000

10,280,000

(Seashore Point - Deaconess, Inc. Proj.) 3.97%, LOC Banco Santander Central Hispano SA, VRDN (b)

5,000,000

5,000,000

(Sherburne Commons, Inc. Proj.) 3.97%, LOC Comerica Bank, Detroit, VRDN (b)

24,100,000

24,100,000

(The May Institute, Inc. Proj.) Series H, 3.92%, LOC Banco Santander Central Hispano SA, VRDN (b)

6,500,000

6,500,000

(The Rivers School Proj.) 3.93%, LOC Citizens Bank of Massachusetts, VRDN (b)

7,000,000

7,000,000

(Third Sector New England, Inc. Proj.) Series A, 3.92%, LOC Bank of America NA, VRDN (b)

17,600,000

17,600,000

(WGBH Edl. Foundation Proj.):

Series 2005 A, 3.93% (AMBAC Insured), VRDN (b)

15,910,000

15,910,000

Series 2006 A, 3.93% (AMBAC Insured), VRDN (b)

45,425,000

45,425,000

Series B, 3.93% (AMBAC Insured), VRDN (b)

28,300,000

28,300,000

(YMCA of Greater Boston Proj.):

Series A, 3.93%, LOC Citizens Bank of Massachusetts, VRDN (b)

25,680,000

25,680,000

Series B, 3.93%, LOC Citizens Bank of Massachusetts, VRDN (b)

5,000,000

5,000,000

3.92%, LOC Fifth Third Bank, Cincinnati, VRDN (b)

9,000,000

9,000,000

3.96%, LOC KeyBank NA, VRDN (b)

19,000,000

19,000,000

Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) 3.95%, LOC Lloyds TSB Bank PLC, VRDN (b)

18,750,000

18,750,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series MS 06 1669, 3.98% (Liquidity Facility Morgan Stanley) (b)(c)(d)

$ 3,875,000

$ 3,875,000

Massachusetts Fed. Hwy. Participating VRDN Series PT 393, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

8,010,000

8,010,000

Massachusetts Gen. Oblig.:

Bonds Series PT 2289, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France) (b)(d)(e)

11,180,000

11,180,000

Participating VRDN:

Series AAB 00 18, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

14,740,000

14,740,000

Series AAB 02 18, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

14,375,000

14,375,000

Series BA 01 O, 3.96% (Liquidity Facility Bank of America NA) (b)(d)

2,785,000

2,785,000

Series BA 02 C, 3.96% (Liquidity Facility Bank of America NA) (b)(d)

3,490,000

3,490,000

Series EGL 00 2102, 3.98% (Liquidity Facility Citibank NA) (b)(d)

7,400,000

7,400,000

Series EGL 01 2104, 3.98% (Liquidity Facility Citibank NA) (b)(d)

16,100,000

16,100,000

Series EGL 01 2105, 3.97% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(d)

14,585,000

14,585,000

Series EGL 02 6008 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

7,860,000

7,860,000

Series IXIS 04 9, 3.96% (Liquidity Facility CDC Fin. CDC IXIS) (b)(d)

22,620,000

22,620,000

Series LB 05 P1U, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

18,170,000

18,170,000

Series LB 06 K16, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

5,825,000

5,825,000

Series MACN 05 C, 3.96% (Liquidity Facility Bank of America NA) (b)(d)

3,950,000

3,950,000

Series Merlots 04 B12, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

10,590,000

10,590,000

Series Merlots 06 B30, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

25,555,000

25,555,000

Series Merlots 06 B8, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

29,930,000

29,930,000

Series MS 01 535, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

19,897,000

19,897,000

Series MS 01 785 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

8,795,000

8,795,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series MS 06 1496, 3.95% (Liquidity Facility Rabobank Nederland Coop. Central) (b)(d)

$ 5,116,000

$ 5,116,000

Series MS 1015, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

7,056,000

7,056,000

Series MS 1186, 3.95% (Liquidity Facility Rabobank Nederland Coop. Central) (b)(d)

16,230,000

16,230,000

Series MS 1279, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

5,144,000

5,144,000

Series MSTC 06 7011 Class A, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

5,000,000

5,000,000

Series MT 127, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

5,495,000

5,495,000

Series PA 1059, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,900,000

4,900,000

Series PA 945R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,995,000

4,995,000

Series PA 993R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

3,505,000

3,505,000

Series PT 1390, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,080,000

10,080,000

Series PT 1609, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,015,000

10,015,000

Series PT 1611, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

15,625,000

15,625,000

Series PT 1618, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,020,000

8,020,000

Series PT 1802, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,945,000

4,945,000

Series PT 2008, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,965,000

10,965,000

Series PT 2015, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,065,000

11,065,000

Series PT 2118, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,400,000

10,400,000

Series PT 2252, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

11,320,000

11,320,000

Series PT 2421, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

26,305,000

26,305,000

Series PT 2426, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

21,695,000

21,695,000

Series PT 2427, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

6,765,000

6,765,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series PT 2618, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 5,980,000

$ 5,980,000

Series PT 3202, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

19,860,000

19,860,000

Series PT 3222, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

2,850,000

2,850,000

Series PT 3381, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,330,000

9,330,000

Series PT 3423, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(d)

36,960,000

36,960,000

Series PT 3613, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

24,335,000

24,335,000

Series PT 3650, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

32,345,000

32,345,000

Series PT 3651, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

118,185,000

118,185,000

Series PT 3673, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

20,400,000

20,400,000

Series PT 3742, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

6,390,000

6,390,000

Series PT 3745, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

40,650,000

40,650,000

Series PT 3841, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,295,000

11,295,000

Series PT 921, 3.94% (Liquidity Facility BNP Paribas SA) (b)(d)

18,700,000

18,700,000

Series PT 983, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(d)

25,800,000

25,800,000

Series Putter 1457, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

8,640,000

8,640,000

Series Putters 300, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

24,105,000

24,105,000

Series Putters 301, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

19,310,000

19,310,000

Series Putters 317, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

13,090,000

13,090,000

Series Putters 340, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

6,365,000

6,365,000

Series Putters 343, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

7,775,000

7,775,000

Series Putters 402, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

29,780,000

29,780,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Putters 571, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

$ 5,125,000

$ 5,125,000

Series Putters 794, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

5,410,000

5,410,000

Series ROC II 4526, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,105,000

5,105,000

Series ROC II R191, 3.97% (Liquidity Facility Citibank NA) (b)(d)

5,995,000

5,995,000

Series ROC II R2042, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,105,000

5,105,000

Series ROC II R6050, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

14,505,000

14,505,000

Series ROC II RR 587, 3.97% (Liquidity Facility Citibank NA) (b)(d)

4,985,000

4,985,000

Series 2005 A, 3.97% (Liquidity Facility Citibank NA), VRDN (b)

30,700,000

30,700,000

Series D, 3.8% 5/1/07 (Liquidity Facility Bayerische Landesbank Girozentrale), CP

50,000,000

50,000,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Participating VRDN:

Series 01 834, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

26,435,000

26,435,000

Series BA 02 D, 3.96% (Liquidity Facility Bank of America NA) (b)(d)

10,505,000

10,505,000

Series Clipper 07 08, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

11,250,000

11,250,000

Series EGL 04 13 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

9,100,000

9,100,000

Series EGL 7050044 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

11,325,000

11,325,000

Series LB 05 F5, 4.03% (Lehman Brothers Hldgs., Inc. Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

6,135,000

6,135,000

Series Merlots 00 T, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

3,955,000

3,955,000

Series Merlots 00 WW, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

27,895,000

27,895,000

Series Merlots 97 Y, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

6,500,000

6,500,000

Series MS 01 587, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

11,610,500

11,610,500

Series MS 1123, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

15,705,500

15,705,500

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

Participating VRDN:

Series PA 1385, 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 2,615,000

$ 2,615,000

Series PA 595R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,155,000

4,155,000

Series PA 973R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,195,000

9,195,000

Series PT 2256, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,340,000

9,340,000

Series PT 2872, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,735,000

4,735,000

Series PT 3808, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,645,000

9,645,000

Series PT 4068, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

11,555,000

11,555,000

Series PT 904, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

26,510,000

26,510,000

Series ROC II R 898 CE, 3.97% (Liquidity Facility Citibank NA) (b)(d)

5,600,000

5,600,000

Series ROC II R294, 3.97% (Liquidity Facility Citibank NA) (b)(d)

4,995,000

4,995,000

Series SGB 42, 3.96% (Liquidity Facility Societe Generale) (b)(d)

27,080,000

27,080,000

Series Solar 07 001, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

11,800,000

11,800,000

Series Solar 07 10, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

13,800,000

13,800,000

(Partners HealthCare Sys., Inc. Proj.) Series P1, 3.92% (FSA Insured), VRDN (b)

21,610,000

21,610,000

(Winchester Hosp. Proj.):

Series F, 3.93%, LOC Bank of America NA, VRDN (b)

15,170,000

15,170,000

Series G, 3.93%, LOC Bank of America NA, VRDN (b)

4,885,000

4,885,000

3.65% 7/12/07, CP

45,500,000

45,500,000

3.73% 9/12/07, CP

14,600,000

14,600,000

Massachusetts Hsg. Fin. Agcy.:

Multi Family Dev. Rev. (Princeton Crossing LP Proj.) Series 1996, 3.99%, LOC Fannie Mae, VRDN (b)(c)

18,900,000

18,900,000

Rent Hsg. Mtg. Rev. Series A, 3.94% (FSA Insured), VRDN (b)(c)

7,900,000

7,900,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev.:

Bonds Series S, 4% 12/1/07 (c)

3,500,000

3,509,373

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: - continued

Participating VRDN:

Series Floaters 06 0101, 3.96% (Liquidity Facility Bank of New York, New York) (b)(c)(d)

$ 3,380,000

$ 3,380,000

Series LB 05 L27, 4.06% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(c)(d)

14,430,000

14,430,000

Series Merlots H, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

19,000,000

19,000,000

Series ROC II R421, 4% (Liquidity Facility Citibank NA) (b)(c)(d)

4,600,000

4,600,000

Series A, 3.99%, LOC Lloyds TSB Bank PLC, VRDN (b)(c)

29,290,000

29,290,000

Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.:

(346 Univ. LLC Proj.) Series 1996, 3.97%, LOC Bank of America NA, VRDN (b)(c)

1,800,000

1,800,000

(Abbott Box Co. Proj.) Series 1997, 3.97%, LOC Bank of America NA, VRDN (b)(c)

2,115,000

2,115,000

(Barbour Corp. Proj.) Series 1998, 3.97%, LOC Bank of America NA, VRDN (b)(c)

3,790,000

3,790,000

(BBB Esq. LLC Proj.) Series 1996, 3.97%, LOC Bank of America NA, VRDN (b)(c)

1,300,000

1,300,000

(Boutwell Owens & Co., Inc. Proj.) Series 1998, 3.97%, LOC Wells Fargo Bank NA, VRDN (b)(c)

1,750,000

1,750,000

(Brady Enterprises Proj.) Series 1996, 3.97%, LOC Bank of America NA, VRDN (b)(c)

2,050,000

2,050,000

(Decas Cranberry Proj.) Series 1997, 3.97%, LOC Bank of America NA, VRDN (b)(c)

4,125,000

4,125,000

(Interpolymer Corp. Proj.) Series 1992, 3.97%, LOC Bank of America NA, VRDN (b)(c)

1,400,000

1,400,000

(Riverdale Mills Corp. Proj.) Series 1995, 3.97%, LOC Bank of America NA, VRDN (b)(c)

2,300,000

2,300,000

(United Plastics Proj.) Series 1997, 3.97%, LOC Wells Fargo Bank NA, VRDN (b)(c)

2,320,000

2,320,000

Massachusetts Indl. Fin. Agcy. Rev.:

(Cap. Appreciation) (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/07

19,000,000

18,831,587

(Goddard House Proj.) 3.99%, LOC Bank of America NA, VRDN (b)

9,700,000

9,700,000

(Heritage at Dartmouth Proj.) Series 1996, 3.97%, LOC Bank of America NA, VRDN (b)(c)

4,475,000

4,475,000

(Mary Ann Morse Nursing Home Proj.):

Series 1994 A, 3.94%, LOC Bank of America NA, VRDN (b)

4,400,000

4,400,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Indl. Fin. Agcy. Rev.: - continued

(Mary Ann Morse Nursing Home Proj.):

Series 1994 B, 3.94%, LOC Bank of America NA, VRDN (b)

$ 5,400,000

$ 5,400,000

(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 3.92%, LOC Bank of America NA, VRDN (b)

2,765,000

2,765,000

(Youville Place Proj.) Series 1996, 4% (AMBAC Insured), VRDN (b)

4,500,000

4,500,000

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Participating VRDN Series MS 01 674, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

23,960,000

23,960,000

Massachusetts Port Auth. Rev. Participating VRDN Series Solar 06 108, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

14,700,000

14,700,000

Massachusetts Port Auth. Rev. Spl. Facilities:

Participating VRDN:

Series Merlots 00 Q, 4.14% (Liquidity Facility Wachovia Bank NA) (b)(c)(d)

21,345,000

21,345,000

Series PA 592, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)(d)

4,850,000

4,850,000

Series PA 600R, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)(d)

4,850,000

4,850,000

Series PT 895, 3.96% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)(d)

5,930,000

5,930,000

Series Putters 892, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

5,155,000

5,155,000

Series ROC II R2031, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,285,000

7,285,000

Series SGA 64, 4% (Liquidity Facility Societe Generale) (b)(c)(d)

8,705,000

8,705,000

Series 2003 B, 4.1% 5/1/07, LOC WestLB AG, CP (c)

34,050,000

34,050,000

Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 3.99%, LOC Royal Bank of Scotland PLC, VRDN (b)(c)

37,100,000

37,100,000

Massachusetts School Bldg. Auth. Participating VRDN Series BS 313, 3.97% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

10,720,000

10,720,000

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:

Series EGL 06 55 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

6,800,000

6,800,000

Series EGL 06 92 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

13,305,000

13,305,000

Series EGL 07 0031, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

58,600,000

58,600,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: - continued

Series EGL 07 0032, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

$ 69,300,000

$ 69,300,000

Series MS 06 1710, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

6,700,000

6,700,000

Series PT 3105, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

14,490,000

14,490,000

Series PT 3399, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

32,150,000

32,150,000

Series Putter 1712 T, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

10,430,000

10,430,000

Series Putters 1052Z, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

8,850,000

8,850,000

Series Putters 1185, 3.97% (Liquidity Facility Deutsche Postbank AG) (b)(d)

10,160,000

10,160,000

Series Putters 1376, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

9,795,000

9,795,000

Series Putters 1377 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

68,055,000

68,055,000

Series Putters 1744, 3.98% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

18,440,000

18,440,000

Series ROC II R 613, 3.97% (Liquidity Facility Citibank NA) (b)(d)

7,610,000

7,610,000

Series ROC II R414, 3.97% (Liquidity Facility Citibank NA) (b)(d)

23,870,000

23,870,000

Series Solar 05 03, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

39,535,000

39,535,000

Massachusetts Spl. Dedicated Tax Rev. Participating VRDN Series LB 07 P18, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

37,825,000

37,825,000

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

Bonds Series PT 3058, 3.71%, tender 10/4/07 (Liquidity Facility Dexia Cr. Local de France) (b)(d)(e)

59,490,000

59,490,000

Participating VRDN:

Series EGL 04 25 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

6,015,000

6,015,000

Series MACN 05 K, 3.95% (Liquidity Facility Bank of America NA) (b)(d)

22,700,000

22,700,000

Series Merlots 05 A14, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

17,475,000

17,475,000

Series Merlots B19, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

19,825,000

19,825,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Spl. Oblig. Dedicated Tax Rev.: - continued

Participating VRDN:

Series PT 3511, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

$ 37,300,000

$ 37,300,000

Series PT 3573, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,435,000

5,435,000

Series PT 3612, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

11,610,000

11,610,000

Massachusetts Spl. Oblig. Rev. Participating VRDN:

Series MSTC 7002, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

4,995,000

4,995,000

Series PT 1427, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,010,000

10,010,000

Series PT 2484, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

16,000,000

16,000,000

Massachusetts State Participating VRDN:

Series LB 07 P28, 4.01% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(d)

16,075,000

16,075,000

Series PT 3989, 3.94% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d)

22,925,000

22,925,000

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN:

Series MS 00 489, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

11,860,000

11,860,000

Series PA 672, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,840,000

6,840,000

Series PT 135, 3.94% (Liquidity Facility Lloyds TSB Bank PLC) (b)(d)

14,485,000

14,485,000

Series ROC II R 536, 3.97% (Liquidity Facility Citibank NA) (b)(d)

6,505,000

6,505,000

Series SG 124, 3.94% (Liquidity Facility Societe Generale) (b)(d)

21,505,000

21,505,000

Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN Series Putters 140, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(d)

9,405,000

9,405,000

Massachusetts Wtr. Auth. Participating VRDN Series LB 07 KL3, 3.98% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(d)

23,000,000

23,000,000

Massachusetts Wtr. Poll. Abatement Trust:

Bonds Series PT 2365, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France) (b)(d)(e)

21,165,000

21,165,000

Participating VRDN:

Series Clipper 05 36, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(d)

11,835,000

11,835,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust: - continued

Participating VRDN:

Series MSTC 7030, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

$ 7,500,000

$ 7,500,000

Series MSTC 7034, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

8,665,000

8,665,000

Series PT 1990, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

5,195,000

5,195,000

Series PT 2368, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

7,770,000

7,770,000

Series Putters 577, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

10,355,000

10,355,000

Series Putters 578, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(d)

17,845,000

17,845,000

Series PZ 155, 3.99% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

10,020,000

10,020,000

Series ROC II R1027, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

7,855,000

7,855,000

Series ROC II R1036, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

10,100,000

10,100,000

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN Series Merlots 99 N, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

24,200,000

24,200,000

Massachusetts Wtr. Resource Auth. Participating VRDN Series Solar 06 86, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(d)

6,760,000

6,760,000

Massachusetts Wtr. Resources Auth.:

Participating VRDN:

Series 06 97 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

11,645,000

11,645,000

Series AAB 05 10, 3.98% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

16,995,000

16,995,000

Series EGL 00 2103, 3.98% (Liquidity Facility Citibank NA) (b)(d)

5,600,000

5,600,000

Series EGL 02 2101, 3.98% (Liquidity Facility Citibank NA) (b)(d)

14,660,000

14,660,000

Series EGL 06 68 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

7,400,000

7,400,000

Series EGL 7050011 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(d)

10,990,000

10,990,000

Series EGL 7050015 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(d)

26,660,000

26,660,000

Series Merlots 06 A1, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(d)

10,015,000

10,015,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Resources Auth.: - continued

Participating VRDN:

Series MS 1080, 3.95% (Liquidity Facility Morgan Stanley) (b)(d)

$ 5,770,000

$ 5,770,000

Series MSTC 5028, 3.94% (Liquidity Facility Branch Banking & Trust Co.) (b)(d)

7,320,000

7,320,000

Series MSTC 7039, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(d)

14,600,000

14,600,000

Series PA 637, 3.95% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

4,625,000

4,625,000

Series PT 1382, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

6,525,000

6,525,000

Series PT 2175, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

8,540,000

8,540,000

Series PT 3855, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(d)

82,810,000

82,810,000

Series Putters 826, 3.95% (Liquidity Facility Dresdner Bank AG) (b)(d)

12,535,000

12,535,000

Series ROC II R 762, 3.97% (Liquidity Facility Citibank NA) (b)(d)

10,720,000

10,720,000

Stars 07 05, 3.96% (Liquidity Facility BNP Paribas SA) (b)(d)

28,845,000

28,845,000

Series 1998 D, 3.92% (FGIC Insured), VRDN (b)

14,915,000

14,915,000

3.7% 8/8/07, LOC Bayerische Landesbank Girozentrale, CP

7,000,000

7,000,000

Middleborough Gen. Oblig. BAN Series A, 4% 9/28/07

83,674

83,813

New Bedford Gen. Oblig. BAN Series 2007 B, 4.25% 2/15/08

9,258,000

9,300,559

Pittsfield Gen. Oblig. BAN 4% 3/14/08

7,606,000

7,627,073

Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN:

Series AAB 00 14, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

19,900,000

19,900,000

Series EGL 01 2101, 3.98% (Liquidity Facility Citibank NA) (b)(d)

7,600,000

7,600,000

Series ROC II R26, 3.97% (Liquidity Facility Citibank NA) (b)(d)

11,285,000

11,285,000

Silver Lake Reg'l. School District BAN 4.25% 7/10/07

9,695,000

9,702,271

Springfield Pub. Util. Rev. Participating VRDN Series AAB 00 2, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(d)

15,360,000

15,360,000

Univ. of Massachusetts Bldg. Auth. Rev.:

Participating VRDN:

Series ROC II 4044, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

9,475,000

9,475,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Univ. of Massachusetts Bldg. Auth. Rev.: - continued

Participating VRDN:

Series ROC II R 4522, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

$ 8,600,000

$ 8,600,000

Series ROC II R4555, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(d)

5,935,000

5,935,000

Series 1, 3.97% (AMBAC Insured), VRDN (b)

123,190,000

123,189,999

4,402,248,749

Puerto Rico - 5.7%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN:

Series Floater 53G, 3.95% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

8,500,000

8,500,000

Series Merlots 01 A107, 3.97% (Liquidity Facility Bank of New York, New York) (b)(d)

18,860,000

18,860,000

Series MT 218, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

19,440,000

19,440,000

Series MT 251, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

17,675,000

17,675,000

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN:

Series GS 07 36, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(d)

14,405,000

14,405,000

Series MACN 05 N, 3.93% (Liquidity Facility Bank of America NA) (b)(d)

39,435,000

39,435,000

Series MACN 06 H, 3.93% (Liquidity Facility Bank of America NA) (b)(d)

23,945,000

23,945,000

Series MACN 06 R, 3.93% (Liquidity Facility Bank of America NA) (b)(d)

7,395,000

7,395,000

Series ROC II R 790, 3.95% (Liquidity Facility Citibank NA) (b)(d)

55,385,000

55,385,000

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series EGL 01 5101 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(d)

9,725,000

9,725,000

Puerto Rico Govt. Dev. Bank Participating VRDN:

Series MT 254, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

26,720,000

26,720,000

Series MT 255, 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)(d)

10,750,000

10,750,000

Puerto Rico Muni. Fin. Agcy. Participating VRDN Series PA 645, 3.91% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

3,860,000

3,860,000

Municipal Securities - continued

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation Participating VRDN:

Series MT 195, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

$ 9,165,000

$ 9,165,000

Series MT 206, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(d)

9,895,000

9,895,000

275,155,000

TOTAL INVESTMENT PORTFOLIO - 95.8%

(Cost $4,677,403,749)

4,677,403,749

NET OTHER ASSETS - 4.2%

207,384,695

NET ASSETS - 100%

$ 4,884,788,444

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $53,900,000 or 1.1% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) Provides evidence of ownership in one or more underlying municipal bonds.

(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $91,835,000 or 1.9% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

Massachusetts Gen. Oblig. Bonds Series PT 2289, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France)

7/22/04

$ 11,180,000

Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series PT 3058, 3.71%, tender 10/4/07 (Liquidity Facility Dexia Cr. Local de France)

7/28/05

$ 59,490,000

Massachusetts Wtr. Poll. Abatement Trust Bonds Series PT 2365, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France)

9/9/04

$ 21,165,000

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $4,677,403,749.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Massachusetts
Municipal Income Fund

April 30, 2007

1.800349.103

MFL-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.2%

Principal Amount

Value

Guam - 0.1%

Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 5.875% 7/1/35

$ 2,115,000

$ 2,266,751

Massachusetts - 94.9%

Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured)

1,300,000

1,420,965

Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured)

1,305,000

1,396,337

Boston Gen. Oblig. Series A, 5% 1/1/17

1,005,000

1,081,692

Boston Spl. Oblig. (Boston City Hosp. Issue Proj.):

5% 8/1/16 (MBIA Insured)

9,705,000

10,192,288

5% 8/1/17 (MBIA Insured)

7,990,000

8,379,592

5% 8/1/18 (MBIA Insured)

6,200,000

6,520,292

Boston Wtr. & Swr. Commission Rev.:

Sr. Series A:

5.25% 11/1/19

10,325,000

11,446,502

5.75% 11/1/13

1,975,000

2,097,312

Sr. Series C, 5.2% 11/1/21 (FGIC Insured)

2,045,000

2,102,833

Bridgewater-Raynham Reg'l. School District:

5% 6/15/18 (FSA Insured)

1,475,000

1,570,123

5% 6/15/19 (FSA Insured)

1,535,000

1,634,729

Brockton Gen. Oblig. 5.1% 4/1/12 (MBIA Insured)

1,550,000

1,584,488

Brookline Gen. Oblig. 5.75% 4/1/15

1,045,000

1,112,664

Dracut Gen. Oblig.:

5% 5/15/16 (AMBAC Insured)

1,400,000

1,496,264

5% 5/15/19 (AMBAC Insured)

1,000,000

1,072,110

Foxborough Stadium Infrastructure Impt.:

5.75% 6/1/25

11,695,000

12,427,224

6% 6/1/15

2,545,000

2,731,828

6% 6/1/16

3,015,000

3,234,522

6% 6/1/17

3,195,000

3,425,679

6% 6/1/18

3,390,000

3,633,741

6% 6/1/19

3,590,000

3,847,044

6% 6/1/20

3,785,000

4,054,871

Freetown Lakeville Reg'l. School District 5% 1/1/21 (MBIA Insured)

2,265,000

2,419,269

Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured)

1,000,000

1,081,390

Littleton Gen. Oblig. 5% 1/15/19 (FGIC Insured)

1,380,000

1,470,832

Lowell Gen. Oblig.:

5% 12/15/17 (MBIA Insured)

1,410,000

1,526,819

5% 12/15/19 (MBIA Insured)

1,310,000

1,408,591

Lynn Gen. Oblig.:

5.375% 8/15/14 (FGIC Insured)

2,120,000

2,274,845

5.375% 8/15/15 (FGIC Insured)

2,235,000

2,396,412

5.375% 8/15/16 (FGIC Insured)

2,345,000

2,513,394

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Lynn Wtr. & Swr. Commission Gen. Rev. Series A:

5% 6/1/18 (MBIA Insured)

$ 2,055,000

$ 2,202,919

5% 6/1/19 (MBIA Insured)

1,560,000

1,667,843

5% 12/1/32 (MBIA Insured)

2,000,000

2,089,900

Marblehead Gen. Oblig.:

5% 8/15/19

1,510,000

1,615,338

5% 8/15/20

1,465,000

1,569,118

Martha's Vineyard Land Bank Rev.:

5% 5/1/18 (AMBAC Insured)

2,070,000

2,248,041

5% 5/1/34 (AMBAC Insured)

1,000,000

1,047,430

Massachusetts Bay Trans. Auth.:

Series 1991 A, 7% 3/1/21 (FGIC Insured)

3,000,000

3,685,530

Series 2000 A, 5.25% 7/1/30

17,665,000

18,409,580

Series A:

5% 7/1/31 (Pre-Refunded to 7/1/15 @ 100) (c)

10,000,000

10,856,700

5.5% 3/1/12

4,350,000

4,563,977

5.75% 7/1/15

85,000

90,253

5.75% 7/1/18

330,000

349,889

7% 3/1/21

1,500,000

1,836,195

Series B, 6.2% 3/1/16

27,525,000

31,213,625

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Sr. Series A, 5.25% 7/1/32

7,745,000

8,947,489

Sr. Series B, 5.5% 7/1/29 (MBIA Insured)

4,000,000

4,751,440

Sr. Series C:

5.25% 7/1/19

4,430,000

4,963,461

5.25% 7/1/21

4,000,000

4,508,600

5.25% 7/1/23

3,950,000

4,477,681

Massachusetts College Bldg. Auth. Proj. Rev.:

Series A:

0% 5/1/22 (Escrowed to Maturity) (c)

2,250,000

1,197,630

0% 5/1/28 (XL Cap. Assurance, Inc. Insured)

6,080,000

2,403,424

5% 5/1/18 (MBIA Insured)

2,270,000

2,414,417

5% 5/1/31 (AMBAC Insured)

5,000,000

5,285,550

5% 5/1/43 (MBIA Insured)

11,410,000

11,846,090

5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured)

2,075,000

2,228,031

5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured)

2,030,000

2,181,966

5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured)

1,295,000

1,391,944

5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured)

2,680,000

2,873,201

5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured)

1,965,000

2,099,092

5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured)

2,665,000

2,833,695

Series B:

5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured)

1,100,000

1,233,485

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts College Bldg. Auth. Proj. Rev.: - continued

Series B:

5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured)

$ 1,825,000

$ 2,071,412

Massachusetts Dept. of Agricultural Resources Higher Ed. Rev.:

5% 1/1/14

1,500,000

1,589,580

5% 1/1/17

1,250,000

1,338,938

5% 1/1/19

2,000,000

2,127,520

5% 1/1/20

3,000,000

3,186,360

Massachusetts Dev. Fin. Agcy. Rev.:

(Boston Univ. Proj.) Series T1, 5% 10/1/39 (AMBAC Insured)

10,000,000

10,518,200

(Mount Holyoke College Proj.):

5.125% 7/1/21

5,715,000

5,983,434

5.25% 7/1/31

11,785,000

12,376,136

5.5% 7/1/14

750,000

800,093

5.5% 7/1/15

910,000

970,060

5.5% 7/1/16

590,000

628,704

(Regis College Proj.):

5.25% 10/1/18

2,240,000

2,248,198

5.5% 10/1/28

5,660,000

5,680,602

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 5.5%, tender 5/1/14 (a)(b)

10,250,000

10,871,868

Massachusetts Edl. Fing. Auth. Rev.:

Series A:

Issue E:

4.4% 7/1/07 (AMBAC Insured) (b)

2,410,000

2,408,723

4.55% 7/1/09 (AMBAC Insured) (b)

765,000

764,801

4.65% 7/1/10 (AMBAC Insured) (b)

1,825,000

1,831,807

4.75% 7/1/11 (AMBAC Insured) (b)

3,140,000

3,156,579

4.8% 7/1/12 (AMBAC Insured) (b)

815,000

823,395

4.95% 7/1/14 (AMBAC Insured) (b)

1,535,000

1,563,689

5% 7/1/15 (AMBAC Insured) (b)

725,000

739,768

Issue G, 5% 12/1/11 (MBIA Insured) (b)

1,485,000

1,497,756

Series B Issue E, 5.75% 7/1/07 (AMBAC Insured) (b)

970,000

969,981

Series C Issue G:

4.7% 12/1/09 (MBIA Insured) (b)

1,305,000

1,305,574

4.9% 12/1/11 (AMBAC Insured) (b)

1,870,000

1,887,503

Massachusetts Fed. Hwy.:

Series 1998 A:

0% 6/15/15

1,455,000

1,044,981

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Fed. Hwy.: - continued

Series 1998 A:

5.25% 12/15/11 (Pre-Refunded to 12/15/08
@ 101) (c)

$ 3,050,000

$ 3,151,169

5.25% 6/15/12 (Pre-Refunded to 12/15/08
@ 101) (c)

7,320,000

7,562,804

5.5% 6/15/14 (Pre-Refunded to 12/15/08 @ 101) (c)

8,310,000

8,617,969

Series 1998 B, 5.125% 6/15/15 (MBIA Insured) (Pre-Refunded to 12/15/08 @ 101) (c)

5,820,000

6,001,759

Series 2000 A:

5.75% 6/15/11

13,660,000

14,537,245

5.75% 12/15/11

9,510,000

10,107,608

5.75% 6/15/12

5,000,000

5,308,950

5.75% 6/15/13

8,000,000

8,541,680

5.75% 12/15/14 (Pre-Refunded to 12/15/10
@ 100) (c)

5,035,000

5,367,109

Series B, 5.125% 12/15/14 (Pre-Refunded to 12/15/08 @ 101) (c)

660,000

680,612

Massachusetts Gen. Oblig.:

Series 1992 D:

6% 5/1/08

1,835,000

1,835,000

6% 5/1/08 (Escrowed to Maturity) (c)

685,000

693,378

Series 2001 D:

5.5% 11/1/18

2,000,000

2,274,280

5.5% 11/1/20

1,000,000

1,147,360

Series 2003 D, 5.5% 10/1/19 (AMBAC Insured)

7,000,000

8,033,830

Series 2004 A, 5.25% 8/1/20 (FSA Insured)

5,000,000

5,626,450

Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (c)

4,850,000

5,249,883

Series 2005 A:

5% 3/1/19

1,295,000

1,383,928

5% 3/1/25 (Pre-Refunded to 3/1/15 @ 100) (c)

35,405,000

38,331,223

Series 2005 C, 5% 9/1/25 (Pre-Refunded to 9/1/15
@ 100) (c)

26,835,000

29,173,939

Series 2006 D:

5% 8/1/19

4,250,000

4,575,465

5% 8/1/20

4,000,000

4,293,560

5% 8/1/22

8,700,000

9,290,034

5% 8/1/26 (Pre-Refunded to 8/1/16 @ 100) (c)

4,610,000

5,033,843

Series A:

5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (c)

5,000,000

5,379,850

5% 3/1/18 (FSA Insured)

15,000,000

16,155,450

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series A:

5% 3/1/21 (Pre-Refunded to 3/1/15 @ 100) (c)

$ 4,135,000

$ 4,476,758

Series B:

5.25% 9/1/20 (FSA Insured)

4,255,000

4,790,705

5.25% 9/1/22 (FSA Insured)

15,000,000

16,984,500

Series C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (c)

1,795,000

1,927,579

Series D:

5% 8/1/21 (Pre-Refunded to 8/1/16 @ 100) (c)

5,750,000

6,153,650

5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (c)

3,800,000

4,117,528

5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (c)

3,800,000

4,100,656

5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (c)

240,000

258,989

5.5% 10/1/18

6,000,000

6,817,860

Series E:

5% 11/1/24 (AMBAC Insured)

25,300,000

27,014,328

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c)

4,315,000

4,648,981

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c)

695,000

748,793

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Baystate Med. Ctr. Proj.) Series F:

5.75% 7/1/17

1,305,000

1,392,291

5.75% 7/1/18

1,300,000

1,376,466

5.75% 7/1/19

1,455,000

1,537,833

5.75% 7/1/20

500,000

527,055

5.75% 7/1/33

3,000,000

3,176,460

(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (d)

11,815,000

11,841,938

(Brandeis Univ. Proj.) Series I:

5.25% 10/1/14 (MBIA Insured)

2,780,000

2,864,623

5.25% 10/1/16 (MBIA Insured)

1,400,000

1,442,028

(Emerson Hosp. Proj.) Series E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured)

2,500,000

2,575,000

(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37

39,135,000

41,106,230

(Massachusetts Eye & Ear Infirmary Proj.) Series B:

5.25% 7/1/08

2,000,000

2,019,600

5.25% 7/1/09

2,540,000

2,596,591

5.25% 7/1/10

2,000,000

2,044,780

5.25% 7/1/11

3,025,000

3,091,338

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured)

$ 12,905,000

$ 13,644,715

(Massachusetts Institute of Technology Proj.):

Series I1, 5.2% 1/1/28

6,500,000

7,519,330

Series K, 5.375% 7/1/17

6,805,000

7,640,042

Series L:

5% 7/1/18

4,315,000

4,749,218

5% 7/1/23

3,990,000

4,441,149

5.25% 7/1/33

14,000,000

16,393,300

(Med. Academic & Scientific Proj.) Series A, 6.625% 1/1/15

5,650,000

5,657,967

(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured)

1,000,000

1,000,500

(Newton-Wellesley Hosp. Proj.) Series G:

6% 7/1/12 (MBIA Insured)

4,070,000

4,164,343

6.125% 7/1/15 (MBIA Insured)

4,500,000

4,605,030

(Northeastern Univ. Proj.) Series 1998 G, 5% 10/1/28 (MBIA Insured)

6,500,000

6,659,445

(Partners HealthCare Sys., Inc. Proj.):

Series 1997 A:

5.125% 7/1/11 (MBIA Insured)

3,885,000

3,931,814

5.375% 7/1/24 (MBIA Insured)

7,600,000

7,690,972

Series 2001 C, 5.75% 7/1/32

5,000,000

5,348,650

Series C, 5.75% 7/1/21

2,500,000

2,695,200

Series E:

5% 7/1/17

1,255,000

1,324,263

5% 7/1/19

1,390,000

1,462,072

Series F:

5% 7/1/17

1,410,000

1,504,244

5% 7/1/19

1,760,000

1,870,088

5% 7/1/20

2,350,000

2,491,964

5% 7/1/21

1,150,000

1,217,022

5% 7/1/22

1,855,000

1,960,475

(South Shore Hosp. Proj.) Series F:

5.125% 7/1/08

2,000,000

2,028,580

5.25% 7/1/09

2,120,000

2,177,770

5.5% 7/1/12

2,165,000

2,257,294

5.625% 7/1/19

1,000,000

1,045,620

5.75% 7/1/29

4,350,000

4,549,448

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Tufts Univ. Proj.):

Series I, 5.5% 2/15/36

$ 5,000,000

$ 5,273,150

Series J, 5.5% 8/15/17

500,000

567,205

(UMass Worcester Proj.) Series B:

5.25% 10/1/15 (FGIC Insured)

565,000

599,380

5.25% 10/1/15 (Pre-Refunded to 10/1/11
@ 100) (c)

435,000

462,740

(Wellesley College Proj.):

5% 7/1/19

1,975,000

2,090,656

5% 7/1/20

2,075,000

2,193,005

(Williams College Issue Proj.):

Series 2003 H, 5% 7/1/20

1,005,000

1,062,154

Series G, 5.5% 7/1/14 (Pre-Refunded to 7/1/09
@ 101) (c)

3,665,000

3,839,161

Series 2006 L:

5% 7/1/17

1,000,000

1,084,000

5% 7/1/18

1,000,000

1,080,000

5% 7/1/19

1,695,000

1,825,193

5% 7/1/20

2,410,000

2,587,472

5% 7/1/21

2,535,000

2,715,644

5% 7/1/36

9,205,000

9,745,334

Series C, 5% 8/15/30 (FGIC Insured)

5,190,000

5,433,203

5% 10/1/17 (FGIC Insured)

2,130,000

2,309,516

5% 10/1/18 (FGIC Insured)

1,985,000

2,144,177

5% 10/1/19 (FGIC Insured)

1,350,000

1,453,869

5% 10/1/20 (FGIC Insured)

2,465,000

2,646,646

6.55% 6/23/22 (AMBAC Insured)

17,250,000

17,690,910

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series A, 5.75% 2/1/14

9,900,000

9,916,632

Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. (Ogden Haverhill Proj.) Series 1998 A, 5.2% 12/1/08 (b)

1,300,000

1,320,995

Massachusetts Indl. Fin. Agcy. Rev.:

(Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/08

15,000,000

14,311,800

(Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26

14,600,000

14,606,132

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.:

(Nuclear Mix #1 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured)

8,000,000

8,515,440

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: - continued

(Nuclear Mix #4 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured)

$ 8,510,000

$ 9,041,960

Massachusetts Port Auth. Rev. Spl. Facilities:

(US Airways, Inc. Proj.) Series A, 5.5% 9/1/10 (MBIA Insured) (b)

2,030,000

2,062,338

Series 1998 A:

5% 7/1/23 (FSA Insured)

8,750,000

8,937,425

5.5% 7/1/17 (FSA Insured)

2,105,000

2,166,024

Series 1998 B:

5% 7/1/10 (FSA Insured) (b)

2,275,000

2,326,870

5% 7/1/15 (FSA Insured) (b)

3,310,000

3,377,855

Series A:

5% 7/1/18 (AMBAC Insured)

5,205,000

5,564,093

5% 7/1/18 (MBIA Insured)

2,000,000

2,115,980

5% 7/1/19 (MBIA Insured)

6,915,000

7,300,511

5% 7/1/20 (MBIA Insured)

2,505,000

2,639,068

5% 7/1/21 (AMBAC Insured)

5,010,000

5,326,933

5% 7/1/21 (MBIA Insured)

3,000,000

3,155,550

5% 7/1/22 (MBIA Insured)

2,000,000

2,100,360

5% 7/1/35 (AMBAC Insured)

10,000,000

10,526,200

5.125% 7/1/16 (FSA Insured)

3,000,000

3,109,230

5.125% 7/1/17 (FSA Insured)

3,000,000

3,107,970

Series B:

5.5% 7/1/10 (FSA Insured) (b)

11,470,000

11,973,533

5.5% 7/1/11 (FSA Insured) (b)

5,500,000

5,735,620

5.5% 7/1/12 (FSA Insured) (b)

4,000,000

4,167,120

5.625% 7/1/12 (Escrowed to Maturity) (c)

1,210,000

1,272,799

Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, Inc. Proj.) Series A:

5.5% 1/1/12 (AMBAC Insured) (b)

10,395,000

10,988,555

5.5% 1/1/13 (AMBAC Insured) (b)

7,015,000

7,403,350

5.5% 1/1/14 (AMBAC Insured) (b)

6,040,000

6,370,146

5.5% 1/1/15 (AMBAC Insured) (b)

5,000,000

5,264,600

5.5% 1/1/16 (AMBAC Insured) (b)

5,000,000

5,261,100

5.5% 1/1/17 (AMBAC Insured) (b)

6,470,000

6,803,334

5.5% 1/1/18 (AMBAC Insured) (b)

6,000,000

6,300,780

5.5% 1/1/19 (AMBAC Insured) (b)

5,000,000

5,245,450

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A:

4.5% 8/15/35 (AMBAC Insured)

20,000,000

19,967,000

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Series A: - continued

5% 8/15/22 (FSA Insured)

$ 5,540,000

$ 5,882,871

5% 8/15/23 (FSA Insured)

6,000,000

6,367,020

5% 8/15/24 (FSA Insured)

7,100,000

7,518,971

5% 8/15/25 (FSA Insured)

2,350,000

2,485,290

5% 8/15/27 (MBIA Insured)

10,000,000

10,568,500

5% 8/15/30 (FSA Insured)

101,600,000

107,157,505

5% 8/15/37 (AMBAC Insured)

20,000,000

21,306,600

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

5.25% 1/1/19 (FGIC Insured)

3,500,000

3,907,820

5.5% 1/1/28 (FGIC Insured)

1,000,000

1,173,740

5.5% 1/1/34 (FGIC Insured)

9,000,000

10,808,820

Massachusetts Spl. Oblig. Rev. Series A:

5% 6/1/23 (FSA Insured)

2,000,000

2,126,900

5.5% 6/1/15 (FGIC Insured)

11,070,000

12,359,987

5.5% 6/1/16 (FGIC Insured)

2,520,000

2,833,866

5.5% 6/1/16 (FSA Insured)

3,000,000

3,373,650

5.5% 6/1/18 (FSA Insured)

9,740,000

11,083,633

5.5% 6/1/19 (FSA Insured)

10,000,000

11,435,700

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:

Series 1997 A, 5.125% 1/1/17 (MBIA Insured)

3,575,000

3,649,789

Series 1999 A:

5% 1/1/39 (AMBAC Insured)

6,925,000

7,064,470

5.25% 1/1/29 (AMBAC Insured)

45,615,000

46,999,415

Sr. Series A:

0% 1/1/25 (MBIA Insured)

5,110,000

2,356,885

0% 1/1/29 (MBIA Insured)

33,195,000

12,713,685

5% 1/1/37 (MBIA Insured)

24,480,000

24,964,704

5.125% 1/1/23 (MBIA Insured)

3,460,000

3,532,383

Sr. Series C:

0% 1/1/16 (MBIA Insured)

3,000,000

2,101,920

0% 1/1/17 (MBIA Insured)

7,705,000

5,166,511

0% 1/1/18 (MBIA Insured)

2,025,000

1,297,377

0% 1/1/19 (MBIA Insured)

13,815,000

8,450,359

Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% 1/1/17 (MBIA Insured)

15,510,000

16,206,089

Massachusetts Wtr. Poll. Abatement Trust:

(MWRA Prog.) Series A, 5.25% 8/1/20

1,700,000

1,809,463

(Pool Prog.):

Series 10:

5% 8/1/22

305,000

323,212

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust: - continued

(Pool Prog.):

Series 10:

5% 8/1/22 (Pre-Refunded to 8/1/14 @ 100) (c)

$ 5,695,000

$ 6,153,903

5% 8/1/34

150,000

157,419

5% 8/1/34 (Pre-Refunded to 8/1/14 @ 100) (c)

905,000

977,925

5.25% 8/1/15

2,435,000

2,653,395

Series 12:

5% 8/1/19

13,995,000

15,111,661

5% 8/1/20

7,000,000

7,530,460

Series 2004 A:

5.25% 2/1/16

6,110,000

6,739,636

5.25% 2/1/17

6,435,000

7,144,266

5.25% 2/1/18

6,300,000

7,028,595

5.25% 2/1/22

1,170,000

1,323,258

5.25% 8/1/22

6,525,000

7,400,720

5.25% 2/1/23

1,390,000

1,580,944

5.25% 2/1/24

1,170,000

1,331,764

5.25% 8/1/24

3,780,000

4,313,434

Series 3, 5.4% 2/1/10

300,000

303,405

Series 4, 5.125% 8/1/14

70,000

71,789

Series 5, 5.25% 8/1/15

75,000

78,086

Series 6:

5.25% 8/1/19

30,000

31,542

5.5% 8/1/30

17,580,000

18,605,441

5.625% 8/1/14

115,000

122,723

5.625% 8/1/15

25,000

26,671

5.625% 8/1/15 (Pre-Refunded to 8/1/10 @ 101) (c)

975,000

1,042,022

5.625% 8/1/16

485,000

517,112

Series 7:

5.25% 2/1/16

4,495,000

4,751,620

5.25% 2/1/17

2,795,000

2,952,303

Series 8:

5% 8/1/17

110,000

115,949

5% 8/1/17 (Pre-Refunded to 8/1/12 @ 100) (c)

5,540,000

5,880,156

5% 8/1/20

105,000

110,272

5% 8/1/20 (Pre-Refunded to 8/1/12 @ 100) (c)

5,395,000

5,726,253

Series 9:

5.25% 8/1/33

595,000

638,078

5.25% 8/1/33 (Pre-Refunded to 8/1/13 @ 100) (c)

2,580,000

2,801,003

Series A, 5.25% 8/1/16

21,700,000

24,042,949

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A:

5% 8/1/15

$ 50,000

$ 50,055

5% 8/1/15 (Escrowed to Maturity) (c)

950,000

1,032,090

5.25% 8/1/12

565,000

580,922

5.25% 8/1/13

330,000

339,257

5.45% 2/1/13 (Escrowed to Maturity) (c)

1,960,000

2,057,079

Massachusetts Wtr. Resources Auth.:

Series A:

5% 8/1/23 (FSA Insured)

2,000,000

2,141,620

5% 8/1/25 (FSA Insured)

2,000,000

2,133,340

5% 8/1/26 (FSA Insured)

2,000,000

2,131,680

5% 8/1/27 (FSA Insured)

2,000,000

2,130,040

5% 8/1/28 (FSA Insured)

2,000,000

2,126,740

5.25% 8/1/21 (MBIA Insured)

12,645,000

13,895,085

5.25% 8/1/24 (MBIA Insured)

9,000,000

9,834,480

6.5% 7/15/19 (Escrowed to Maturity) (c)

21,960,000

26,085,845

Series B:

5.125% 8/1/27 (MBIA Insured)

6,960,000

7,301,806

5.5% 8/1/15 (FSA Insured)

1,500,000

1,663,260

5.5% 8/1/16 (FSA Insured)

1,425,000

1,605,163

Series D, 5% 8/1/24 (MBIA Insured)

1,510,000

1,540,396

Series J:

5% 8/1/42

8,160,000

8,436,706

5.5% 8/1/20 (FSA Insured)

1,000,000

1,144,120

Maynard Gen. Oblig.:

5.5% 2/1/17 (MBIA Insured)

1,030,000

1,128,952

5.5% 2/1/20 (MBIA Insured)

1,025,000

1,120,694

5.5% 2/1/23 (MBIA Insured)

1,000,000

1,091,200

Monson Gen. Oblig.:

5.25% 5/15/17 (AMBAC Insured)

2,120,000

2,282,180

5.25% 5/15/19 (AMBAC Insured)

2,335,000

2,511,409

5.25% 11/1/21 (AMBAC Insured)

1,000,000

1,087,580

5.25% 5/15/22 (AMBAC Insured)

2,985,000

3,193,502

Pioneer Valley Reg'l. School District:

5.375% 6/15/15 (AMBAC Insured)

1,235,000

1,332,417

5.375% 6/15/16 (AMBAC Insured)

1,000,000

1,083,240

Pittsfield Gen. Oblig.:

5% 4/15/19 (MBIA Insured)

1,140,000

1,211,706

5.5% 4/15/17 (MBIA Insured)

1,930,000

2,093,664

Randolph Gen. Oblig.:

5% 9/1/16 (AMBAC Insured)

1,170,000

1,263,986

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Randolph Gen. Oblig.: - continued

5% 9/1/18 (AMBAC Insured)

$ 1,090,000

$ 1,174,660

5% 9/1/19 (AMBAC Insured)

1,085,000

1,166,397

Reading Gen. Oblig.:

5% 3/15/20 (MBIA Insured)

2,100,000

2,223,606

5% 3/15/21 (MBIA Insured)

2,190,000

2,314,874

Route 3 North Trans. Impt. Assoc. Lease Rev.:

5.75% 6/15/12 (MBIA Insured)

1,000,000

1,058,870

5.75% 6/15/14 (MBIA Insured)

2,515,000

2,663,058

5.75% 6/15/15 (MBIA Insured)

4,105,000

4,345,430

Salem Gen. Oblig.:

5% 1/15/19 (FGIC Insured)

1,525,000

1,623,759

5% 1/15/20 (FGIC Insured)

1,350,000

1,431,729

Springfield Gen. Oblig.:

5% 8/1/15 (FSA Insured)

1,000,000

1,081,990

5% 8/1/16 (FSA Insured)

8,000,000

8,690,000

5% 8/1/17 (FSA Insured)

5,000,000

5,433,600

5% 8/1/18 (FSA Insured)

7,210,000

7,804,825

5% 8/1/22 (MBIA Insured)

3,610,000

3,832,520

5% 8/1/23 (MBIA Insured)

2,050,000

2,173,431

5.25% 1/15/16 (Pre-Refunded to 1/15/13
@ 100) (c)

2,195,000

2,368,273

5.25% 1/15/17 (Pre-Refunded to 1/15/13
@ 100) (c)

1,510,000

1,629,199

5.25% 1/15/18 (Pre-Refunded to 1/15/13
@ 100) (c)

1,000,000

1,078,940

5.25% 1/15/21 (Pre-Refunded to 1/15/13
@ 100) (c)

4,600,000

4,963,124

5.375% 8/1/17 (Pre-Refunded to 8/1/11 @ 101) (c)

1,875,000

2,015,550

5.5% 8/1/16 (Pre-Refunded to 8/1/11 @ 101) (c)

1,000,000

1,079,830

5.75% 8/1/14 (FSA Insured)

4,000,000

4,492,360

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2004 A, 5.375% 11/1/17 (Pre-Refunded to 11/1/14 @ 100) (c)

1,000,000

1,107,380

Univ. of Massachusetts Bldg. Auth. Rev. Series 2004 1:

5.375% 11/1/16 (AMBAC Insured)

1,305,000

1,433,490

5.375% 11/1/16 (Pre-Refunded to 11/1/14 @ 100) (c)

4,860,000

5,381,867

Woods Hole, Martha's Vineyard & Nantucket Steamship Series 2004 B, 5% 3/1/17

3,300,000

3,542,682

Municipal Bonds - continued

Principal Amount

Value

Massachusetts - continued

Worcester Gen. Oblig.:

Series 2001 A:

5.25% 8/15/21 (FGIC Insured)

$ 1,465,000

$ 1,546,381

5.5% 8/15/13 (FGIC Insured)

1,285,000

1,375,246

5.5% 8/15/18 (FGIC Insured)

1,000,000

1,066,550

Series 2001 B, 5.5% 10/1/14 (FGIC Insured)

1,070,000

1,146,334

1,783,295,527

Puerto Rico - 3.1%

Puerto Rico Commonwealth Gen. Oblig.:

Series 2006A, 2.205% 7/1/21 (FGIC Insured) (a)

5,400,000

5,328,828

Series A:

5.25% 7/1/18

3,500,000

3,720,920

5.25% 7/1/18 (CIFG North America Insured) (FSA Insured)

2,500,000

2,685,950

Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. Series 1996 Y, 5% 7/1/36 (Pre-Refunded to 7/1/16 @ 100) (c)

1,800,000

1,968,624

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.:

Series 1998, 5.75% 7/1/22 (CIFG North America Insured)

3,000,000

3,302,910

Series 2002 E, 5.5% 7/1/21 (FSA Insured)

1,700,000

1,969,569

Series L, 5.25% 7/1/41 (CIFG North America Insured)

3,010,000

3,513,332

Series N, 5.25% 7/1/39 (FGIC Insured)

7,500,000

8,763,900

Puerto Rico Commonwealth Infrastructure Fing. Auth.:

Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (c)

10,745,000

11,489,629

Series C, 5.5% 7/1/25 (AMBAC Insured)

7,500,000

8,813,850

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Series HH, 5.25% 7/1/29 (FSA Insured)

3,230,000

3,416,597

Puerto Rico Govt. Dev. Bank Series B, 5% 12/1/12

3,790,000

3,989,278

58,963,387

Virgin Islands - 0.1%

Virgin Islands Pub. Fin. Auth. Rev. Series A:

5% 10/1/11

805,000

836,572

Municipal Bonds - continued

Principal Amount

Value

Virgin Islands - continued

Virgin Islands Pub. Fin. Auth. Rev. Series A: - continued

5% 10/1/13

$ 700,000

$ 737,191

5.25% 10/1/16

750,000

801,158

2,374,921

TOTAL INVESTMENT PORTFOLIO - 98.2%

(Cost $1,798,504,654)

1,846,900,586

NET OTHER ASSETS - 1.8%

33,003,973

NET ASSETS - 100%

$ 1,879,904,559

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security collateralized by an amount sufficient to pay interest and principal.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,841,938 or 0.6% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Acquisition Cost

Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22

9/3/92

$ 11,081,643

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,797,710,402. Net unrealized appreciation aggregated $49,190,184, of which $51,967,666 related to appreciated investment securities and $2,777,482 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Massachusetts
AMT Tax-Free
Money Market Fund

April 30, 2007

1.800350.103

SMA-QTLY-0607

Investments April 30, 2007 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 90.8%

Principal Amount

Value

Massachusetts - 84.1%

Amesbury BAN 4.5% 8/9/07

$ 5,600,000

$ 5,611,384

Bedford BAN 4.25% 5/24/07

7,685,000

7,687,345

Boston Wtr. & Swr. Commission Rev. Series A, 3.68% 8/10/07, LOC Bank of America NA, CP

20,100,000

20,100,000

Haverhill BAN:

4.25% 12/14/07

7,000,000

7,023,144

4.5% 9/28/07

2,400,000

2,408,565

Malden BAN 4% 12/14/07

5,000,000

5,010,507

Massachusetts Participating VRDN:

Series Clipper 06 11, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)

19,605,000

19,605,000

Series MACN 06 I, 3.96% (Liquidity Facility Bank of America NA) (b)(c)

10,890,000

10,890,000

Massachusetts Bay Trans. Auth.:

Participating VRDN:

Series EGL 04 24, Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

2,800,000

2,800,000

Series EGL 04 31, Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

5,000,000

5,000,000

Series EGL 99 2101, 3.98% (Liquidity Facility Citibank NA) (b)(c)

4,645,000

4,645,000

Series Merlots 00 H, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

8,400,000

8,400,000

Series PT 2250, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

6,290,000

6,290,000

Series PT 3616, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

8,020,000

8,020,000

Series PT 3619, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

13,360,000

13,360,000

Series Putters 1062, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(c)

12,170,000

12,170,000

Series ROC II R 507, 3.97% (Liquidity Facility Citibank NA) (b)(c)

3,955,000

3,955,000

Series TOC 04 D, 3.96% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(c)

5,800,000

5,800,000

Series 1999, 4.02% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b)

19,400,000

19,400,000

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN:

Series Covers 06 02, 3.94% (Liquidity Facility Bank of New York, New York) (b)(c)

10,925,000

10,925,000

Series Merlots 06 B35, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

7,800,000

7,800,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: - continued

Series PT 1580, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

$ 9,430,000

$ 9,430,000

Series PT 2459, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

8,680,000

8,680,000

Series PT 2581, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

36,760,000

36,760,000

Series PT 2625, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

5,800,000

5,800,000

Series PT 3585, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

9,400,000

9,400,000

Series PT 3626, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

14,335,000

14,335,000

Series PT 3630, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

10,680,000

10,680,000

Series PT 3857, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

5,660,000

5,660,000

Series ROC 9021, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(c)

4,530,000

4,530,000

Series ROC II R 7026, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(c)

11,380,000

11,380,000

Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev. 3.96%, LOC KeyBank NA, VRDN (b)

7,500,000

7,500,000

Massachusetts Dev. Fin. Agcy. Rev.:

Participating VRDN:

Series EGL 7053024 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)

13,000,000

13,000,000

Series LB 05 K10, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(c)

8,180,000

8,180,000

Series MACN 06 P, 3.96% (Liquidity Facility Bank of America NA) (b)(c)

5,100,000

5,100,000

Series MS 974, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

2,781,500

2,781,500

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 3.97%, LOC PNC Bank NA, Pittsburgh, VRDN (b)

3,800,000

3,800,000

(Boston Renaissance Charter School Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

8,700,000

8,700,000

(Childrens Museum Proj.) 3.92%, LOC Citizens Bank of Massachusetts, VRDN (b)

11,000,000

11,000,000

(City Year Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

8,900,000

8,900,000

(Draper Lab. Issue Proj.) Series 2000, 3.92% (MBIA Insured), VRDN (b)

23,090,000

23,090,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Eaglebrook School Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

$ 1,000,000

$ 1,000,000

(Edgewood Retirement Proj.) Series A, 4.02%, LOC Lloyds TSB Bank PLC, VRDN (b)

5,000,000

5,000,000

(Harvard Univ. Proj.) Series B-1, 4%, VRDN (b)

8,000,000

8,000,000

(Int'l. Fund For Animal Welfare, Inc. Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

13,600,000

13,600,000

(Masonic Nursing Home, Inc. Proj.) 3.87%, LOC Citizens Bank of Massachusetts, VRDN (b)

9,860,000

9,860,000

(Saint Mark's School Proj.) 3.92%, LOC Bank of America NA, VRDN (b)

7,715,000

7,715,000

(Sherburne Commons, Inc. Proj.) 3.97%, LOC Comerica Bank, Detroit, VRDN (b)

3,400,000

3,400,000

(Thayer Academy Proj.) 3.92%, LOC Allied Irish Banks PLC, VRDN (b)

14,670,000

14,670,000

(WGBH Edl. Foundation Proj.) Series 2006 A, 3.93% (AMBAC Insured), VRDN (b)

6,900,000

6,900,000

3.7% 7/12/07, LOC Bank of America NA, CP

11,167,000

11,167,000

Massachusetts Gen. Oblig.:

Bonds:

Series 2003 C, 5% 12/1/07 (XL Cap. Assurance, Inc. Insured)

1,000,000

1,007,697

Series PT 2367, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France) (b)(c)(d)

5,440,000

5,440,000

Participating VRDN:

Series AAB 00 18, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

4,600,000

4,600,000

Series AAB 02 18, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

4,500,000

4,500,000

Series EGL 00 2102, 3.98% (Liquidity Facility Citibank NA) (b)(c)

2,500,000

2,500,000

Series EGL 01 2104, 3.98% (Liquidity Facility Citibank NA) (b)(c)

4,690,000

4,690,000

Series EGL 01 2105, 3.97% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(c)

11,700,000

11,700,000

Series LB 05 P1U, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(c)

3,760,000

3,760,000

Series LB 06 K16, 3.98% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (b)(c)

4,000,000

4,000,000

Series MACN 05 C, 3.96% (Liquidity Facility Bank of America NA) (b)(c)

3,950,000

3,950,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Merlots 04 B12, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

$ 16,945,000

$ 16,945,000

Series Merlots 06 B30, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

10,380,000

10,380,000

Series Merlots 06 B7, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

9,975,000

9,975,000

Series MS 01 535, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

5,400,000

5,400,000

Series MS 1015, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

3,000,000

3,000,000

Series MS 1186, 3.95% (Liquidity Facility Rabobank Nederland Coop. Central) (b)(c)

5,500,000

5,500,000

Series MS 1279, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

5,231,000

5,231,000

Series PT 1281, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

3,000,000

3,000,000

Series PT 2279, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

5,250,000

5,250,000

Series PT 2299, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

5,160,000

5,160,000

Series PT 2332, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

5,420,000

5,420,000

Series PT 2426, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

4,800,000

4,800,000

Series PT 2618, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

9,940,000

9,940,000

Series PT 2623, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

7,285,000

7,285,000

Series PT 3202, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

6,260,000

6,260,000

Series PT 3222, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

17,900,000

17,900,000

Series PT 3381, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

2,540,000

2,540,000

Series PT 3423, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(c)

5,480,000

5,480,000

Series PT 3544, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

45,000

45,000

Series PT 3613, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

7,020,000

7,020,000

Series PT 3625, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

7,660,000

7,660,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series PT 3650, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

$ 13,180,000

$ 13,180,000

Series PT 3673, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

7,565,000

7,565,000

Series PT 921, 3.94% (Liquidity Facility BNP Paribas SA) (b)(c)

5,430,000

5,430,000

Series PT 983, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(c)

7,395,000

7,395,000

Series PT 987, 3.94% (Liquidity Facility DEPFA BANK PLC) (b)(c)

8,140,000

8,140,000

Series Putters 301, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(c)

4,620,000

4,620,000

Series ROC II R102, 3.97% (Liquidity Facility Citibank NA) (b)(c)

4,865,000

4,865,000

Series SG 126, 3.94% (Liquidity Facility Societe Generale) (b)(c)

3,255,000

3,255,000

Series Stars 100, 3.94% (Liquidity Facility BNP Paribas SA) (b)(c)

7,705,000

7,705,000

Series 1997 B, 3.9% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b)

27,000,000

27,000,000

Series 2005 A, 3.97% (Liquidity Facility Citibank NA), VRDN (b)

29,070,000

29,070,000

Series 2006 B, 4.1% (Liquidity Facility Bank of America NA), VRDN (b)

20,000,000

20,000,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Bonds (South Shore Hosp. Proj.) Series F, 5% 7/1/07

1,915,000

1,919,338

Participating VRDN:

Series 01 834, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

11,400,000

11,400,000

Series Clipper 07 08, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)

4,200,000

4,200,000

Series EGL 03 18 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

9,995,000

9,995,000

Series Merlots 00 T, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

1,575,000

1,575,000

Series Merlots 00 WW, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

13,000,000

13,000,000

Series Merlots 97 Y, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

4,435,000

4,435,000

Series PA 1385, 4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

2,610,000

2,610,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

Participating VRDN:

Series PA 1478, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

$ 8,790,000

$ 8,790,000

Series PA 1482, 3.97% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

6,595,000

6,595,000

Series PA 595R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

4,000,000

4,000,000

Series PA 973R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

3,300,000

3,300,000

Series PT 2664, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

7,010,000

7,010,000

Series PT 2665, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

9,575,000

9,575,000

Series PT 2872, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

6,920,000

6,920,000

Series PT 904, 3.94% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)

10,520,000

10,520,000

Series SGB 42, 3.96% (Liquidity Facility Societe Generale) (b)(c)

8,700,000

8,700,000

Series Solar 07 001, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(c)

4,200,000

4,200,000

(Baystate Med. Ctr. Proj.) Series G, 3.96%, LOC Bank of America NA, VRDN (b)

40,290,000

40,290,000

(Children's Hosp. Proj.) Series L-2, 4.07% (AMBAC Insured), VRDN (b)

4,400,000

4,400,000

(CIL Realty of Massachusetts Proj.) Series 2007, 3.96%, LOC HSBC Bank USA, VRDN (b)

8,440,000

8,440,000

(Harvard Vanguard Med. Associates Proj.) 3.89%, LOC Bank of America NA, VRDN (b)

26,480,000

26,480,000

(Home for Little Wanderers Proj.) Series B, 3.92%, LOC Citizens Bank of Massachusetts, VRDN (b)

4,185,000

4,185,000

(Partners HealthCare Sys., Inc. Proj.):

Series P1, 3.92% (FSA Insured), VRDN (b)

19,270,000

19,270,000

Series P2, 3.89% (FSA Insured), VRDN (b)

61,300,000

61,300,001

(Wellesley College) Issue B, 3.93%, VRDN (b)

2,200,000

2,200,000

Series B, 3.92%, LOC Citizens Bank of Massachusetts, VRDN (b)

7,925,000

7,925,000

3.63% 7/12/07, CP

7,100,000

7,100,000

3.65% 7/12/07, CP

15,900,000

15,900,000

3.7% 8/8/07, CP

26,900,000

26,900,000

3.73% 9/12/07, CP

5,599,000

5,599,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Participating VRDN Series Merlots H, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

$ 8,375,000

$ 8,375,000

Massachusetts Indl. Fin. Agcy. Rev.:

(Mary Ann Morse Nursing Home Proj.):

Series 1994 A, 3.94%, LOC Bank of America NA, VRDN (b)

2,500,000

2,500,000

Series 1994 B, 3.94%, LOC Bank of America NA, VRDN (b)

3,800,000

3,800,000

(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 3.92%, LOC Bank of America NA, VRDN (b)

3,555,000

3,555,000

(Youville Place Proj.) Series 1996, 4% (AMBAC Insured), VRDN (b)

3,700,000

3,700,000

(Cap. Appreciation) (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/07

5,800,000

5,748,397

Massachusetts Port Auth. Participating VRDN Series Solar 06 108, 3.94% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(c)

9,360,000

9,360,000

Massachusetts Port Auth. Rev.:

Participating VRDN:

Series PA 599R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

4,850,000

4,850,000

Series Putters 893, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

12,365,000

12,365,000

Series 2003 A, 4.1% 5/1/07, LOC WestLB AG, CP

6,000,000

6,000,000

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:

Series EGL 07 0031, 3.96% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)

30,500,000

30,500,000

Series EGL 07 0033, 3.96% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(c)

19,800,000

19,800,000

Series EGL 7050070 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

10,000,000

10,000,000

Series PT 3105, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

6,300,000

6,300,000

Series Putters 1197, 3.97% (Liquidity Facility Deutsche Postbank AG) (b)(c)

7,705,000

7,705,000

Series Putters 1376, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

9,620,000

9,620,000

Series Putters 1430, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(c)

10,235,000

10,235,000

Series Putters 1744, 3.98% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

7,100,000

7,100,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: - continued

Series ROC II R 613, 3.97% (Liquidity Facility Citibank NA) (b)(c)

$ 7,615,000

$ 7,615,000

Series ROC II R414, 3.97% (Liquidity Facility Citibank NA) (b)(c)

2,595,000

2,595,000

Series Stars 07 22, 3.96% (Liquidity Facility BNP Paribas SA) (b)(c)

9,920,000

9,920,000

3.95% (Liquidity Facility Morgan Stanley) (b)(c)

8,245,000

8,245,000

3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

5,320,000

5,320,000

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

Bonds Series PT 3058, 3.71%, tender 10/4/07 (Liquidity Facility Dexia Cr. Local de France) (b)(c)(d)

18,940,000

18,940,000

Participating VRDN:

Series EGL 04 25 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

2,015,000

2,015,000

Series MACN 05 K, 3.95% (Liquidity Facility Bank of America NA) (b)(c)

7,000,000

7,000,000

Series PT 3511, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

6,980,000

6,980,000

Massachusetts State Participating VRDN:

Series Clipper 07 06, 3.95% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)

17,900,000

17,900,000

Series Clipper 07 18, 3.97% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)

40,000,000

40,000,000

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN Series SG 124, 3.94% (Liquidity Facility Societe Generale) (b)(c)

16,985,000

16,985,000

Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN Series PA 581R, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

19,885,000

19,885,000

Massachusetts Wtr. Auth. Participating VRDN Series LB 07 KL3, 3.98% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(c)

8,685,000

8,685,000

Massachusetts Wtr. Poll. Abatement Trust:

Bonds Series PT 2365, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France) (b)(c)(d)

5,820,000

5,820,000

Participating VRDN:

Series Putters 1627, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

5,045,000

5,045,000

Series Putters 578, 3.97% (Liquidity Facility JPMorgan Chase & Co.) (b)(c)

4,950,000

4,950,000

Series Putters 867T, 3.97% (Liquidity Facility JPMorgan Chase Bank) (b)(c)

6,035,000

6,035,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN:

Series Merlots 99 N, 3.99% (Liquidity Facility Wachovia Bank NA) (b)(c)

$ 9,170,000

$ 9,170,000

Series SGA 87, 4.03% (Liquidity Facility Societe Generale) (b)(c)

6,975,000

6,975,000

Massachusetts Wtr. Resources Auth.:

Participating VRDN:

Series 06 97 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)

3,700,000

3,700,000

Series AAB 05 10, 3.98% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

5,500,000

5,500,000

Series AAB 07 22, 3.98% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

17,330,000

17,330,000

Series EGL 02 2101, 3.98% (Liquidity Facility Citibank NA) (b)(c)

4,600,000

4,600,000

Series EGL 06 35 Class A, 3.98% (Liquidity Facility Citibank NA) (b)(c)

7,300,000

7,300,000

Series EGL 7050015 Class A, 3.97% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c)

7,000,000

7,000,000

Series MS 04 1038, 3.95% (Liquidity Facility Morgan Stanley) (b)(c)

8,870,000

8,870,000

Series MSTC 7039, 3.94% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(c)

5,400,000

5,400,000

Series PT 3855, 3.94% (Liquidity Facility Dexia Cr. Local de France) (b)(c)

6,800,000

6,800,000

Series Putters 1789, 3.92% (Liquidity Facility JPMorgan Chase & Co.) (b)(c)

5,405,000

5,405,000

Series Putters 826, 3.95% (Liquidity Facility Dresdner Bank AG) (b)(c)

3,320,000

3,320,000

Series ROC II R252, 3.97% (Liquidity Facility Citibank NA) (b)(c)

6,585,000

6,585,000

Series 1997 B, 3.92% (AMBAC Insured), VRDN (b)

13,455,000

13,455,000

Series 1998 D, 3.92% (FGIC Insured), VRDN (b)

33,100,000

33,100,000

Series 2001 A, 3.96% (FGIC Insured), VRDN (b)

5,255,000

5,255,000

New Bedford Gen. Oblig. BAN Series 2007 B, 4% 2/15/08

4,045,000

4,055,700

Revere BAN 4% 12/14/07

7,000,000

7,008,318

Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN:

Series AAB 00 14, 3.96% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

6,535,000

6,535,000

Series EGL 01 2101, 3.98% (Liquidity Facility Citibank NA) (b)(c)

2,200,000

2,200,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Salem Gen. Oblig. BAN 4% 10/23/07

$ 7,967,000

$ 7,974,354

Springfield Participating VRDN Series PT 3998, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

11,765,000

11,765,000

Springfield Pub. Util. Rev. Participating VRDN Series AAB 05 34, 3.98% (Liquidity Facility ABN-AMRO Bank NV) (b)(c)

13,395,000

13,395,000

Tewksbury Gen. Oblig. BAN 4.65% 3/28/08

10,075,000

10,168,474

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN Series PT 2242, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

2,600,000

2,600,000

Univ. of Massachusetts Bldg. Auth. Rev. Participating VRDN Series ROC II 2038, 3.97% (Liquidity Facility Citigroup, Inc.) (b)(c)

5,090,000

5,090,000

1,730,221,724

Puerto Rico - 6.7%

Puerto Rico Commonwealth Gen. Oblig. Participating VRDN:

Series Merlots 01 A107, 3.97% (Liquidity Facility Bank of New York, New York) (b)(c)

24,460,000

24,460,000

Series MT 218, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

7,300,000

7,300,000

Series MT 251, 3.94% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c)

9,000,000

9,000,000

Series ROC II R185, 3.95% (Liquidity Facility Citibank NA) (b)(c)

4,000,000

4,000,000

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN:

Series GS 07 36, 3.97% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(c)

5,500,000

5,500,000

Series ROC II 99 2, 3.95% (Liquidity Facility Citibank NA) (b)(c)

1,500,000

1,500,000

Series ROC II R 790, 3.95% (Liquidity Facility Citibank NA) (b)(c)

53,600,000

53,600,000

Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series Merlots 00 A15, 3.97% (Liquidity Facility Bank of New York, New York) (b)(c)

14,160,000

14,160,000

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN:

Series EGL 06 102 Class A, 3.96% (Liquidity Facility Citibank NA) (b)(c)

8,000,000

8,000,000

Municipal Securities - continued

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN: - continued

Series Merlots B03, 3.97% (Liquidity Facility Wachovia Bank NA) (b)(c)

$ 10,240,000

$ 10,240,000

Puerto Rico Indl., Tourist, Edl., Med. & Envir. Cont. Facilities Fing. Auth. (Ana G. Mendez Univ. Sys. Proj.) Series 1998, 3.99%, LOC Banco Santander Central Hispano SA, VRDN (b)

1,100,000

1,100,000

138,860,000

TOTAL INVESTMENT PORTFOLIO - 90.8%

(Cost $1,869,081,724)

1,869,081,724

NET OTHER ASSETS - 9.2%

188,480,136

NET ASSETS - 100%

$ 2,057,561,860

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

VRDN - VARIABLE RATE DEMAND NOTE

Legend

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $19,605,000 or 1.0% of net assets.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(c) Provides evidence of ownership in one or more underlying municipal bonds.

(d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $30,200,000 or 1.5% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

Massachusetts Gen. Oblig. Bonds Series PT 2367, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France)

9/9/04

$ 5,440,000

Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series PT 3058, 3.71%, tender 10/4/07 (Liquidity Facility Dexia Cr. Local de France)

7/28/05 - 9/21/05

$ 18,940,000

Massachusetts Wtr. Poll. Abatement Trust Bonds Series PT 2365, 3.55%, tender 10/11/07 (Liquidity Facility Dexia Cr. Local de France)

9/9/04

$ 5,820,000

Income Tax Information

At April 30, 2007, the aggregate cost of investment securities for income tax purposes was $1,869,081,724.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds are valued at their closing net asset value each business day. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Massachusetts Municipal Trust

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

June 22, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

June 22, 2007